Ethereum price hit new all-time highs at $ 2.603 despite a bearish phase sweeping through Bitcoin and other cryptocurrencies

Ethereum price has hit its latest all-time high at $ 2,603, despite a period of decline sweeping across Bitcoin and other cryptocurrencies.


ETH/USD 4-hour chart | Source: TradingView

Ethereum price claims to set a new record

The ETH / USD trading pair made a fresh hit at $ 2,603 ​​for the first time on April 22, thanks to a 9.2% gain on the day. The second-largest cryptocurrency increasingly stood out from the rest of the day, as Bitcoin continued to consolidate at lower lows and other altcoins suffered a strong impact.

One of the reasons for the sharp increase in EHT’s price may also come from Canada is re-upping its support for the cryptocurrency sector, launching the first Ethereum exchange-traded funds (ETFs) in North America just months after launching the first Bitcoin ETF on the continent.

ETFs, combine the ease of stock trading with the diversification benefits of mutual funds. Often, they have lower fees than other types of funds, but they trade at market-determined prices that can differ from the underlying asset they are designed to track.

Now live, Purpose Investments’ Ether ETF, CI Global Asset Management’s Galaxy Ethereum ETF, and Evolve will provide traditional stock investors with exposure to ETH, the crypto asset that powers the Ethereum blockchain. US investors will not be able to buy and sell the ETFs unless they have access to the Toronto Stock Exchange.

Canada has been a leader in crypto ETFs, launching the first North American Bitcoin fund earlier this year also on the Toronto Stock Exchange. Those ETFs now have more than $1 billion in assets under management.

Analysts and investors, elated by the previous action from this year’s Altcoin season, are therefore undoubtedly optimistic about the short-term outlook. Ether’s outperformance against Bitcoin in recent times, part of a trend that has seen ETH / USD perform better by a significant margin since the March cross-asset crash year 2020.

The overall strength of altcoins this month has shown itself in Bitcoin’s declining market cap dominance, falling below 50% for the first time in nearly three years. Such events tend to spark the most intense part of the Altcoin season, in which tokens rise rapidly to the top before cooling off.

However, the latest ETH returns come with a predictable sum: The gas fees for sending transactions start to spike during the day, a timely reminder for those caught in the unknown. the previous stage of the bull market. Other doubts about the overall strength of the market include caution from professional traders based on Ether derivative signals.

Meanwhile, other altcoins were beginning to show signs of life at the time of writing, including Litecoin (LTC) and Chainlink (LINK), both up around 6.5%.

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